Iraqi Oil Minister Jabbar al-Luaibi announced, on Tuesday, the extinguishing of  the well No. 42 in Qayara oil field in Nineveh governorate. Mr. Luaibi said that the technical & engineering staff of the north oil company (NOC) and the supporting teams of the national oil companies, in addition to the civil defense was able to extinguish the flames in the well and control over it.

He added that the national institutions proved its skills in dealing with complex well's fires with great craftsmanship, and was able to extinguish the fires of wells in a record time and relying on the available facilities available without the use of international companies, which provided the treasury of millions of hard currency.

The minister praised the efforts of the oil companies, civil defense, security forces and local administration in the province and the provinces and citizens, stressing the keenness of the Ministry to speed up the rehabilitation and development of the Qayara field and develop the necessary plans for it.

Assem Jihad, Oil Ministry spokesman, said that the minister of oil will honor all those who contributed to achieving this national achievement, which came a strong response to ISIS organization, which wanted to disrupt the wheel of economy and development in Iraq. Jihad added that the total wells in the field Qayyarah are 50 wells, including 34 wells have been damaged as a result of the sabotage operations of ISIS, while the fires broke out in 18 of them.

Meanwhile, oil prices rose on Tuesday thanks to the dollar's depreciation and supply disruptions in Libya, and latest comments from officials suggesting OPEC may extend its agreement to cut world oil production.
However, oil futures are still under pressure as US oil production rebounds and expectations that US crude inventories may rise again, underscoring the continued global supply glut that has weighed on prices for three years.